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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Mulls Imposing Tariffs by Executive Order
By Eric Levitz
December 22, 2016
10:30 a.m.
Donald Trump has decided that liberals shouldnt be the only ones asking Santa for Xanax this Christmas: The president-elect has informed Republican-aligned business groups that he may impose a 5 percent tariff on all imports, according to CNN.
The network reports that future White House chief of staff Reince Priebus shared this plan with key Washington players, and was met with a torrent of panicked lectures on economics.
One of the sources said he viewed the idea as a trial balloon when first raised, and considered it dead on arrival given the strong reaction in the business community and the known opposition to such protectionist ideas among the GOP congressional leadership.
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http://nymag.com/daily/intelligencer/2016/12/trump-mulls-imposing-tariffs-by-executive-order.html
1965Comet
(175 posts)for his use of executive orders...
yeoman6987
(14,449 posts)LanternWaste
(37,748 posts)I remember a time when people took each EO on its own merit... since we're merely reminiscing and all.
Yo_Mama_Been_Loggin
(107,863 posts)I thought congress could only impose a tax.
It's said that the Great Depression was started in part by tariffs imposed by the Smoot-Hawley act.
Girard442
(6,067 posts)LanternWaste
(37,748 posts)Not so much started the Depression, yet was however, both a reaction to it and a contributor to both its severity and length.
madinmaryland
(64,931 posts)Cheynee did!
Elwood P Dowd
(11,443 posts)passed in 1930 and only applied to certain imports. The Depression was already raging at that time, and all trade was heading to the toilet regardless of where the products came from.
Girard442
(6,067 posts)Your tariff is ready.
SHRED
(28,136 posts)Sanity Claws
(21,846 posts)Countries we trade with would file complaints with WTO.
There would be retaliatory tariffs.
Does he even know this?
sarah FAILIN
(2,857 posts)We may land deep in the poop from his actions, but these idiot reps need to learn that their actions have consequences. They should have fought harder to get a decent candidate.
RDANGELO
(3,433 posts)It is clear in the constitution, that congress has the power to regulate tariffs.
madinmaryland
(64,931 posts)LanternWaste
(37,748 posts)All things being equal, new tariffs followed necessarily by an immediate recession, due to higher cost of production, higher cost to consumer, followed by a reduction of discretionary spending leading to a decline in demand for other goods produced in the US.
My guess is Trump will limit this artificial protection to only those industries he has a financial stake in.
RDANGELO
(3,433 posts)At 2 or three percent , I think you could get away with it. If you are ever going to make a dent in income inequality, you have to have two things. You have to have a strong minimum wage, and you have to stop running huge trad deficits.
madinmaryland
(64,931 posts)Vinca
(50,255 posts)So now we're at no Hillary in jail, no ouster of all of "those people," no Muslim ban, no draining the swamp, no saving everyone's job. Up next: no wall, no repeal of Obamacare (it may be tweaked and renamed Trumpcare).